Nulegacy Gold Corporation (TO:NUG) reported drill results of 25.2 gpt gold, over 4.6 meters, at its Iceberg Project in the Cortez gold trend in Nevada. NuLegacy expects to complete its 2015 drill program by the third quarter of 2015 earning a 70% interest, allowing Barrick Gold Corporation (NYSE:ABX) 90 days to earn-back its 70% position, by committing to a US$15 million exploration program over 5 years.
Investment Conclusion
NuLegacy Gold Corporation’s Iceberg Project is located in the southern end of the multi-million ounce Cortez gold trend along strike with Barrick Gold Corporation’s Pipeline and Cortez Hills gold mines and its Goldrush gold project in Nevada. The 60 km² project currently includes gold mineralization described as a potential exploration deposit of 90 to 110 million tonnes grading between 0.7 g/t and 1.0 g/t gold based on 149 historic drill holes and 38 NuLegacy holes. NuLegacy’s exploration effort is headed up by Roger Steininger who is credited with the discovery of the nearby Pipeline gold deposit.